New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-07-11
MONEY And BUSINESS.

Certainly it is not lack of money that has
made the stock market weak. For the Treas
uIy has poured out, as its statements of cash
show $5.5OO,OOO gold, ST. 100 900 silver, and
81, 100000 legal tenders, or 81, 100000 in all
during the past week, while considerable
foreign gold, by some said to he as much as
$4,000, 600, has arrived. At few interior
points the money market is reported close or
stringent, and there unusually heavy sales OF
real estate or exceptional activity in new build
ing have been noticed. Western banks have
paid back part of the money borrowed from
here, bankers say, after the collapse OF the
wheat speculation, and a Chicago account is
that scores of firms have been forced to sell
securities in order to pull through and pay.
The report is not inherently improbable When
people holding 4O, 100000 bushels Of wheat,
including -four find 20 cents per bushel taken
from their assets, the probability Is that many
suffer, not only at Chicago, but all over the
West, where the passion for grain gambling
has been spreading.
The recovery in prices Of stocks. which
began on the very day of the break land
continued until July !, has been followed
by decline averaging 81 80 per share Out
Of sixty active stocks, twenty-five closed last
week lower than the lowest price June "a. and
the average of all was but $66 50, against
500 SO for the lowest prices Of the collapse.
Not only Manhattan and some stocks cspe-
cially connected with the break are selling lower.
but New York Central and some other we'll
known dividend payers arc lower. About
half the Southern stocks are lower. and the
rest n little higher. One thing is PLAIN the
market was lifted on the expectation that
n larpr investment buying would appear after
July /. when S7O,000,OOO disbuIscd In in
terest and dividends would have to be placed.
But the result shows that investors do rot go
into the Street for bargains, and either invested
prior TO July / or have made use Of their
money in other directions, perhaps IN real
estate. manufacturing an1 mining operations at
the West and South The remarkable activity
and rapid growth of industry, which cncour-
ages SO many, cannot go ON without taking
money from some other employment.
The Pittsburg report of capacity of iron
furnaces in blast July /, los, 9S6 tons, is but
122 larger than the report for Jure l, and
about 29.5OO below the report for May !.
The statement shows that the coal strike
has not ceased to have influence, and 1t has
apparently diminished production during the
past two months by 100000 tons or more.
This is not an unmixed evil, for the estimated
Weld for the half year is still 3,157,217 TONS
AGAINST 2.637. 6S7 for the FIST half OF 1856
and 3.Oi5,642 for the last half. IL may DO
doubted whether the improved tone recently
seen in the iron market would have been
witnessed il the output had been materially
larger. II is stated that some of the new
Southern furnaces arc having mnch trouoie
about supplies of the right kind Of fuel, ana
neople who largely discounted sanguine ex-
pectations Of increased output in that secuoh
have the best Of it at present but IT remains
the fact that many new furnaces are aDout 10
add to the yield.
In another direction the Southern situation
is full of promise. II the weather continues
favorable accepted cotton statistics VIII be
subjected TO a severe test The Government
reports cotton condition July l as 81, against
81 in July 1882, and the yield that year was
almost 1000. 900 bales. The acreage reported
by The Financial Chronicle is now about
rs per cent larger than in 1882. These figures
point to an enormous yield, if the weather con-
tinues favorable. The wheat report is less
encouraging, injury having been sustained by
spring wheat, WHICH ildy 10 io"Sh'J c9N
at 1000, 900 bushels, and it is yet too early
to say whether the loss may not prove
greater. But winter wheat appears to be yield
ing fairly well. and the reports as to corn
arc decidedly favorable.
Wheat has risen alb out 1 1-2 cents during the
past week. and corn has fallen about cent
Cotton weakened slowly and sugar Is a ht'ie
lower. Copper has advanced, while lead ana
tin have slightly declined, and quotations Tor
some kinds Of manufactured iron appear
weaker The course of prices during the
past half year has not satisfied those who
reason that more money will insure higher
prices But a common result OF currency In
aation is seen in the increasing cost OF pro-
duction ard in the state Of foreign trade no.
mestio exports for the past two weeks from
NcwYoriS have been $11,355,s79, against
s14, Oo5, 1863 last year, decline of 10 per
cent while imports have been $l9,3i4.7s4,
against S16, 1885, $40 last year, an increase oil